Hanoi office rents tower above major Asian cities
09-MAY-2008 Intellasia | VNA
May 9, 2008 - 7:00:00 AM
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Short supply is to blame for the sky high rents of Hanoi office space, which now rise above the rates of other Asian capital cities such as Beijing and Bangkok.
A recent survey conducted by real estate firm CBRE showed rents for A-rating offices average US$50 per square metres. a month, up by 28% since late 2007. Offices in sought after locations have been fetching up to 66 or US$70 per square metres. a month.
Despite the price rise, real estate developers are still experiencing high demand for space and occupancy stands at 98.6%.
Most often, office space is snapped up within the plan approval or ground breaking stages of a new building, or at the latest, when the building interior decoration begins.
The Asia Tower project in downtown Hanoi, for example, had rented out its entire 3,100 square metres. of floor space by the date of its recent opening ceremony.
The construction of two new blocks of office space this year is expected to help cool down the intense Hanoi market. The Sun City building with a floor space of 5,000 square metres is scheduled to inaugurate in June and the 10, 500 sq. m Viet Tower is now in final stages.
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